How Will Your Bank Thrive?

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1 How Will Your Bank Thrive? Pennsylvania Association of Community Bankers Annual Convention September 24, 2016 Timothy Reimink Managing Director Crowe Horwath LLP

2 Session Description Some people wonder how community banks can be successful in the face of changing consumer behaviors, technology and competition. This session will focus on what community banks can do and are doing to more than survive but thrive in this environment. Crowe Horwath will present thought-provoking approaches to transforming banks, provide examples of successful bank strategies and lead a discussion about how to prepare a bank to thrive. 2

3 Today s Objective and Topics Provide thought-provoking approaches to transforming banks and preparing a bank to thrive. Key threats and opportunities for community banks Successful strategies and approaches Discussion of hypothetical case study How to thrive as a community bank 3

4 Who are We Talking About? Too Big to Fail Big Enough to Battle Too Small to Thrive The Morphing Middle 4

5 Changing Customer Expectations Pressures of Life Want service to be effortless Online and Mobile Experiences Customer experience expectations set by non-banks How served, not where served Problem Solving Looking for Solutions Demographic Trends Baby boomer retirements Millennials entering prime years Diversity of ethnic and cultural influences 5

6 Advancing Technology Capabilities Mobile Banking FinTech Competitors Social Networks Hosted and Cloud Solutions Workflow Systems Mobile Workforce Live Chat Customer Support Machine Learning and Decision Models Hacker Capabilities 6

7 Threats to Survival 7

8 Threat: Rising Cost of the Game Customers Channels Products Regulators Compliance Reporting Competition Technology Talent Bad Guys Security 8

9 Threat: Outflanked on Relationships Whose Your Bank? Payments (Whose in your Wallet?) Loans (Who financed your car? your house? your small business?) Digital Convenience (Whose app is on your phone?) Financial Advice (Who do you call?) 9

10 Threat: Loss of Trust & Confidence Security Fraud Identity Theft Confidentiality Relational Care & Concern Flexibility Prices Credit Fiduciary 10

11 Threat: Shrinking Field of Action Loss of Standard Products to Efficient Providers Excess Funds, Car Loans, Credit Cards, Mortgage Loans Loss of Transactions to Smarter Competitors Specialized Finance Risk-based Pricing Loss of Access to Customers Shifting Channel Usage Intermediary Players Loss of Segments to Stronger Brands Chase, Raymond James, State Farm Credit Unions Walmart, Amazon, Apple 11

12 Threat: Generational Change Customers Product Needs Expectations Service Technology Branch Visits Brand Loyalty Organization Succession Staff Motivation Adaptation Technology Communication Owners Liquidity Needs Value Growth Interests of Heirs 12

13 Opportunities 13

14 Performance Factors Value is delivered to Customer Segments through the effective combination of People Products Process Platforms Crowe Financial Institution Performance Framework Supported by Management Practices for Performance Management Risk Management Profitability Management In the context of the Vision, Strategy, Culture and Values of the organization Audit Tax Advisory Risk Performance 14

15 Opportunity: New Ways to Interact with Customers Opportunities Bank as close as smartphone Talk by IM, Chat Online Presence CRM Systems Analytics and Digital Marketing Publications with Followers Change Needed New mindset Daily behaviors/activities of staff New definition of customer service Investment in data Organize around non-branch What We ve Seen Remote Banking Organization Structure Customer Analytics linked to Branch and Lender activities Call Centers enhanced SBA Loan Center 15

16 Opportunity: Leverage Relationships and Geography Opportunities Large banks are fading in smaller markets Millennials depend on friends and family Branch still has important role Change Needed Change focus of branch New staff skills and knowledge Systematic transition between generations Outreach to new customers What We ve Seen Gathering customers from larger/consolidating competitors Strong branding of community bank Commercial RM Centric model Emphasis on proactive Sales/Service/Retention 16

17 Opportunity: New Means for Cost Effectiveness Opportunities Job role flexibility and mobility Paperless processing Workflow and business rules Outsourced solutions Self-service offerings Change Needed Process analysis Openness to new technology Adaptation to change Staff transition Experimentation What We ve Seen Staff reductions and shifts Reconfigured approach to branches Online consumer loans with no paper Conversions to enhanced technology 17

18 Opportunity: : Participate in Industry Rationalization Opportunities Branch purchases/sales Acquisitions Partnering with Fintech Product Distributor Change Needed ROI Analysis Integration Skills Partnering capabilities What We ve Seen Purchases of branches from BoA and others Acquisitions to fill-in and extend market coverage White Label Product offerings Strategic Partnering in Investment Offerings 18

19 How to Thrive 19

20 Strategies for Thriving Find Your Focus Target Customers Differentiation Competency Clarity of Vision and Approach Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 20

21 Strategies for Thriving Be in the Game Deeper Analytics Robust Planning Action Plans Strategic Goals Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 21

22 Strategies for Thriving Be Relevant to Customer Products which meet Needs Convenience Communication Relationship Trust and Confidence Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 22

23 Strategies for Thriving Manage Cost and Risks Benchmark Analyze Processes Utilize Technology Accountability Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 23

24 Strategies for Thriving Measure What Matters Relevant Data, not just Easy Aligned with Strategies Visible SMART Goals Specific Measurable Achievable Rewarding True to Mission Manage Cost and Risks Align with Strong Partners Be in the Game Find Your Focus Be Relevant to Customer Measure What Matters Learn and Adapt 24

25 Strategies for Thriving Align with Strong Partners System Vendors Product Providers Outsourced Providers Employees Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 25

26 Strategies for Thriving Learn and Adapt Openness to New Things Help People Change Experiment Willingness to Fail Manage Cost and Risks Be in the Game Be Relevant to Customer Find Your Focus Align with Strong Partners Measure What Matters Learn and Adapt 26

27 Strategies for Thriving Manage Cost and Risks Align with Strong Partners Be in the Game Find Your Focus Learn and Adapt Be Relevant to Customer Measure What Matters 27

28 Hypothetical Case Study 28

29 Profile $700 million bank ROA 1.00% ROE 10% Net Interest Margin 3.50% Efficiency Ratio 70% Problem Loans under $5 million Earnings Growth 5% annually 300 Shareholders 1 family controls 30% Product set similar to other local community banks Operates core system on own servers 29

30 Vision Statement To be the preferred financial services provider in our market. To provide high quality, personalized service through relationship banking. To deliver superior financial returns to our shareholders. Alternative To be the regarded as the best bank for small businesses headquartered in our local communities, their owners and their employees. To have our customers seek us first about financial needs and trust our advice To provide increasing value to our customers, employees and shareholders. 30

31 Organization Alternative CEO CEO Lending Branches Opns/IT CFO HR Marketing Commercial Customers Consumer Customers IT / Opns Chief Risk Officer People Services CFO 31

32 Target Customers Consumers living in our communities who visit our branches for deposits. Commercial borrowers needing loans between $100,000 and $5,000,000 Alternative Organizations headquartered in our communities, along with their owners and managers. Medical professionals operating in our communities and their families. People who reside in our communities. Homeowners wanting loans to finance or refinance their house which can be sold in the secondary market 32

33 Channels Alternative 15 branches Online and Mobile Banking Commercial Lenders Residential Mortgage Lenders 12 branches Customer Service Contact Center Online and Mobile Banking RDC and Mobile Deposit Capture Treasury Management Services Commercial Lenders Residential Mortgage Lenders Branch Managers Calling on managers 33

34 Take-Aways 34

35 Take-Aways Community Banks face threats due to changing customer preferences, technology and competition. These same trends create opportunities to enhance the interaction with customers, improve costs and optimize channels. For banks to thrive, managers and employees must do things differently, adapt, learn new skills and be open to change. For banks to thrive, they must: Find their focus Be proactive in planning and analytics Find ways to be relevant to customers Be more cost effective and efficient Enhance the capabilities and engagement of their employees 35

36 For More Discussion, Contact: Timothy Reimink Managing Director Performance Improvement Crowe Bank Consulting Group Office Mobile In accordance with applicable professional standards, some firm services may not be available to attest clients. This material is for informational purposes only and should not be construed as financial or legal advice. Please seek guidance specific to your organization from qualified advisers in your jurisdiction., an independent member of Crowe Horwath International crowehorwath.com/disclosure 36

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